Why Oil Could Top $100 In Q4 2023

Oil prices have soared to a 10-month high on Wednesday, with a surprise build in U.S. crude inventories failing to dampen expectations of tight supplies for the rest of the year. Front-month November Brent crude closed +1.5% at $92.06/bbl, its best settlement since November 16 while U.S. front-month Nymex crude for October delivery settled +1.8% to $88.84/bbl, its highest closing price since November 11, 2022. WTI and Brent have now gained 10.7% and 7.1% YTD, respectively. The latest weekly data by the International Energy Agency (IEA)…